Uttara Finance swings from Tk118cr profit to Tk308cr loss after scam audit
The revised financial statements, published through the Dhaka Stock Exchange (DSE) today.
Uttara Finance and Investments Limited has r restated its 2019 financial statements, posting a consolidated net loss of Tk308 crore in place of an earlier reported profit after a Bangladesh Bank-ordered forensic audit uncovered widespread irregularities in the non-bank financial institution's accounts.
The revised financial statements, published through the Dhaka Stock Exchange (DSE) today (6 July), showed a consolidated loss per share (EPS) of Tk23.43, a restated net asset value (NAV) per share of Tk29.55 and net operating cash flow per share (NOCFPS) of Tk13.24 for the year ended 31 December 2019.
The restatement marks a sharp reversal from the original audited accounts, which had reported a consolidated net profit of Tk118 crore in 2019, up 14% from the previous year. Based on those results, the board had recommended a 15% cash dividend and a 5% stock dividend.
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However, Bangladesh Bank later rejected the financial statements audited by SF Ahmed and Co after a special audit by KPMG Bangladesh uncovered discrepancies involving about Tk5,300 crore in the company's financial records.
The audit, conducted under the central bank's Resolution and Recovery Department (RRH), prompted the company to restate its financial statements in line with regulatory directives.
Uttara Finance also released revised financial statements for 2020 and 2021, showing continued financial deterioration.
For the year ended 31 December 2020, the company reported a consolidated loss per share of Tk35.98, while NAV per share turned negative at Tk9.26. Net operating cash flow per share stood at Tk12.04.
In 2021, it posted a consolidated loss per share of Tk23.48. NAV per share further declined to negative Tk32.74, while net operating cash flow per share fell to negative Tk20.38.
The company told the stock exchange that AGMs for 2020 and 2021 have become time-barred due to delays in finalising audited financial statements. It plans to seek High Court permission to hold the overdue AGMs after completing and auditing its pending financial statements for 2022-2025. Record dates and AGM schedules will be announced after court approval.
Following the financial irregularities, Bangladesh Bank dissolved the NBFI's sponsor-director board in 2022 and appointed a new board to restore governance, transparency and accountability.
The company remains in the "Z" category on the stock exchange for failing to hold annual general meetings within the stipulated timeframe.
As of June 2026, sponsors and directors held 44.44% of the company's shares, institutional investors 31.71%, foreign investors 7.82% and general investors 16.03%.
